Hon Deputy Speaker, the amendment to the Sectional Titles Act is long overdue, considering that the original Bill was formulated 25 years ago.
The most significant amendments relate to the redefining of the boundaries between certain sections; allowing bonds to be registered in respect of separate pieces of land shown on the sectional plan; allowing for one or more certificates of real rights of extension to the property to be issued; allowing for one or more certificates of real rights of exclusive use areas to be issued at the opening of a sectional title register; and providing for the issuing of a certificate of a registered sectional title in respect of a fraction of an undivided share in a section.
This is a very encouraging development, as it will allow for an individual, under the prescribed conditions, to have the right to a title deed for a room in an apartment or house. In Northern Ireland, Scotland and Canada, co- ownership has been used fairly successfully for quite a while. The advantage of owning rather than renting is an obvious benefit.
The implications of this amendment are vast. It will allow new house designs with common areas and exclusive rights areas, enabling individuals to have a foothold on the property market. It will make it possible for banks to lend incrementally to individuals who otherwise would have been excluded from the property market.
Individuals, who default at present, lose their entire property. In this new way, individuals can borrow a little, pay that off and then upscale, using the proceeds as a deposit. In times of stress, they can sell off parts of their property to meet their financial obligations.
Property ownership will now be opened up to more people than ever before. This will make a major contribution to alleviating the plight of the homeless and historically disadvantaged. I thank you.